Download PDF by Haiqun Yang: Banking and Financial Control in Reforming Planned Economies

By Haiqun Yang

This booklet analyses the benefits and drawbacks of the banking approach reforms with specific connection with centrally deliberate economies. The booklet reports the socialist banking reforms and analyses their monetary difficulties. utilising a severe exposition of banking theories, it assesses present monetary problems and takes factor with a few tested theories.

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The effect of these operations in conducting monetary control will be very limited (Bank of Tokyo, 1994). The establishment of a stock market followed the introduction of a stock company system. Corporate stock in China is a hybrid of bond and equity, or a kind of 'non-voting, redeemable, participating, preferred stock' in the terminology of developed market economies. It typically has denominations of Rmb 50 or Rmb 100 for individuals and Rmb 100 000 for institutional investors. Maturity is normally short, ranging from one to five years.

In spite of the fact that such a control function might be 'formative' or limited under the traditional system, banks did follow and assisted planners and official investors to control, supervise and manage the production system. In certain periods the cooperation of the banks helped to bring about high economic growth, low inflation, full employment and equal income distribution. In the CPE model, corporate governance was characterised by the subjection of economic agents to different levels of administrative principals.

In addition the state carried full responsibility for bond risks and bond yields were exempt from tax. A secondary market for bonds was created in 1984 before any legal framework had been established. 7 per cent, pushing up deposit rates and lending rates to 9 per cent and 13 per cent respectively- higher than bond rates. Furthermore the state ceased to guarantee bonds. All these factors contributed to the collapse of bond markets. In 1987 twenty-two financial institutions, including the NBH, signed a cooperation agreement in order to promote securities trading in Hungary.

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